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Tips for leaving a legacy

A carefully crafted estate plan can help Nevada residents make sure that they leave a positive legacy when they die. By acknowledging the need for an estate plan and communicating that plan to others, it makes it easier for heirs to anticipate what they are receiving. Good communication now may enable those heirs to better plan how they will use their inheritance to the best of their ability.

One key thing that those planning to leave inheritances should do is to acknowledge internal family dynamics. If there is reason to believe that a fight may ensue between siblings, it may be a good idea to ease the conflict in advance. When everyone knows what they are getting and why, it may reduce tensions between family members after a family members passes. Doing so may help reduce the odds of a fight during an already emotional time.

A strategy that may be effective for estate planning purposes is to make gifts of some assets before death. This enables the giver to see the joy that the gift brings to the person who gets the gift. It also may make it possible to address hard feelings that may arise from others who feel as if they might have been entitled to that asset instead. There are federal tax considerations that need to be taken into account in this regard.

Proper estate planning today may help an individual leave behind a positive and lasting legacy after death. Working with an estate planning attorney may be worthwhile for those looking to create and update wills, trusts and other important documents that will serve to both protect and preserve assets while hopefully minimizing family discord.

Source: Nerd Wallet, "The Inheritance Conversation: Are You for Love or Turmoil?", Richard M. Rosso, August 18, 2014

Source: Nerd Wallet, "The Inheritance Conversation: Are You for Love or Turmoil?", Richard M. Rosso, August 18, 2014

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